Tesco Ireland has today announced it is extending its amended payment terms for its smaller suppliers until 31 January 2021.
In a statement, the company said that with this extension, over 200 small Irish food and drinks companies will continue to have their invoices paid immediately, instead of the usual 14 days.
The retailer noted that since the beginning of the COVID-19 pandemic, smaller suppliers have been amongst the hardest hit in the food industry.
“We recognise the ongoing challenges in the food sector, especially for small suppliers, so it is vital that we do our best to support the small supplier partners we work closely with," said Joe Manning, commercial director, Tesco Ireland.
This extension of Tesco’s improved payment terms will mean small businesses will continue to be supported throughout the busy Christmas period and beyond, it added.
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